Jun 2, 2020

Coronavirus: 'US economy could take decade to fully recover'

The US economy will take almost a decade to fully recover from the virus pandemic, according to projections by the Congressional Budget Office. America's historic downturn comes even after trillions of dollars have been pumped into the economy. "Recent legislation will, in CBO's assessment, partially mitigate the deterioration in economic conditions," he added. America's unemployment rate hit 14.7% in April and on Friday the US Labor Department is expected to confirm that it reached 20% in May. In March that figure stood at just 4.4% having risen from a 50-year low from the month before. The CBO is a federal agency within the US government that provides budget and economic information to Congress.

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